Business
Willdan Group Reports Third Quarter 2021 Results
ANAHEIM, Calif.--(BUSINESS WIRE)-- Willdan Group, Inc. (“Willdan”) (Nasdaq: WLDN), a provider of professional technical and consulting services, today
About this update from Willdan Group, Inc.
[{"type":"text","content":" ANAHEIM, Calif.--(BUSINESS WIRE)--\nWilldan Group, Inc. (“Willdan”) (Nasdaq: WLDN), a provider of professional technical and consulting services, today reported financial results for its third quarter ended October 1, 2021.\n\nThird Quarter 2021 Summary\n\n\nConsolidated contract revenue of $98.3 million\n\n\nNet revenue of $54.5 million\n\n\nNet income of $0.8 million, or $0.06 per diluted share\n\n\nAdjusted net income of $6.9 million, or $0.53 per diluted share\n\n\nAdjusted EBITDA of $10.1 million\n\n\nNine Months Year to Date 2021 Summary\n\n\nConsolidated contract revenue of $261.5 million\n\n\nNet revenue of $149.7 million\n\n\nNet loss of $7.5 million, or $(0.61) per diluted share\n\n\nAdjusted net income of $12.2 million, or $0.99 per diluted share\n\n\nAdjusted EBITDA of $18.1 million\n\n\n“Our third quarter results were ahead of our expectations and we saw a significant improvement from our second quarter results,” said Tom Brisbin, Willdan’s Chairman and Chief Executive Officer. “Additionally, the LADWP program, our largest program prior to the pandemic, restarted. On September 17th, we received the notification to proceed from SCE. We have now received all approvals and are up and running on all new California IOU contracts. In this third quarter, we also won a new, three-year, $90 million contract with a large New York agency. These wins support our confidence to achieve double-digit organic growth in each of the next three years.”\n\nThird Quarter 2021 Financial Results\n\nConsolidated contract revenue for the third quarter decreased 5.9%, to $98.3 million, while Net Revenue increased 6.8% to $54.5 million (see “Use of Non-GAAP Financial Measures” below). The increase was primarily due to changes in the mix of revenues to those which contain a higher percentage of labor costs and lower percentage of material costs and installation subcontracting. The shift in revenue mix accounts for an increase in gross profit margin to 38.8% of consolidated contract revenue in the three months ended October 1, 2021 compared to 33.2% in the three months ended October 2, 2020.\n\nGeneral and administrative (“G&A”) expenses increased by $3.6 million, or 11.0%, in the three months ended October 1, 2021 compared to the three months ended October 2, 2020. The increase in G&A expenses was primarily attributed to higher wage and relate...